Weekly Mild Steel Market Report - Mar 9 - Mar 15, 2026

Weekly Mild Steel Market Report - Mar 9 - Mar 15, 2026

India's mild steel market posted a modest but broad-based recovery this week, with the category average price rising +0.23% WoW to ₹54,150/MT, underpinned by mill price hikes in structural products and firm construction-sector demand. Long products — Channels, Beams, and Round Bars — led the upswing with WoW gains of up to +2.25%, as tightening mill inventories and rising input costs forced secondary mills to push through increases. The key drag came from Sponge Pellets, which shed -3.70% WoW to ₹26,000/MT, reflecting softer upstream DRI demand and regional supply overhang.

Key Highlights

• Channel prices surged +2.25% WoW to ₹54,500/MT (range: ₹48,800–₹56,000/MT), the sharpest weekly gain across all MS products, driven by infrastructure and PEB project activity.
• Beam prices rose +1.81% WoW to ₹56,300/MT (range: ₹49,200–₹57,000/MT), with Primary brand quotes at ₹56,500/MT; structural demand from warehouse and industrial construction is firming prices.
• Round Bar gained +1.77% WoW to ₹57,400/MT (range: ₹51,000–₹58,000/MT), led by Rajkot at ₹58,000/MT; strong engineering and auto-ancillary offtake is supporting the segment.
• Secondary TMT edged up +0.97% WoW to ₹52,000/MT with a weekly band of ₹51,500–₹52,000/MT; Hyderabad and JAIBALAJI brand quotes are the firmest at ₹51,250/MT and ₹51,300/MT respectively.
• MS Billets declined -1.12% WoW to ₹44,000/MT, retreating from the week's high of ₹45,100/MT; Raipur and Kolkata hubs are trading softer at ₹41,800/MT, signalling upstream margin pressure.
• Sponge Pellet was the week's top mover on the downside at -3.70% WoW, closing at ₹26,000/MT — a ₹1,000 drop from Monday's open of ₹27,000/MT — as DRI plant offtake remains subdued in Chhattisgarh and Jharkhand clusters.

Price Summary

Market Context

The dominant narrative this week was a supply-side squeeze in downstream structural and long products, even as upstream raw material prices came under pressure. Secondary mills across Central and South India have been dealing with elevated energy costs and reduced scrap availability, pushing operational costs higher. In response, several mills implemented price hikes of ₹500–₹1,500/MT in Channels, Beams, and Round Bars — increases that largely held through the week as buyers in the infrastructure, PEB, and warehouse construction segments absorbed them. Structural steel demand from government-backed road and urban infrastructure projects continues to provide a consumption floor, keeping inventories at mills lean and limiting spot availability. On the upstream side, the picture is more mixed. MS Billets drifted lower through the week — falling from ₹45,100/MT mid-week to close at ₹44,000/MT — as secondary melters in Raipur and Kolkata eased procurement amid adequate inventory. Sponge Pellet's sharp -3.70% decline reflects a temporary demand lull at DRI-route secondary mills, possibly linked to maintenance shutdowns and a cautious stance ahead of Q4 FY26 inventory rationalisation. Primary TMT (₹60,500/MT) and HR Plate (₹57,000/MT) held perfectly flat, indicating that major integrated mills are comfortable with current price levels and not yet signalling any further hike or rollback.

News This Week

A key news development this week — mills raising structural steel prices by ₹500–₹1,500/MT citing rising raw material and energy costs — directly aligns with and explains the price action observed in Channels (+₹1,200/MT WoW), Beams (+₹1,000/MT WoW), and Round Bars (+₹1,000/MT WoW). The report from nexizo.ai highlights three converging factors: falling mill inventories, production cuts at secondary mills, and global energy price spikes amplified by China's ongoing capacity discipline. These external pressures translated into real domestic price discovery, as buyers active in infrastructure procurement confirmed that the ₹500–₹1,500/MT hike range is consistent with spot offers seen across Chennai, Visakhapatnam, and Ahmedabad markets this week. The news also flags strong demand from PEB (Pre-Engineered Building) and warehouse segments — a trend that appears to be driving Beam and Channel outperformance relative to flat products like HRC and CRC, which saw zero WoW movement. Procurement managers should note that while these hikes are currently supply-cost-driven rather than demand-pull, the combination of tight inventories and active project pipelines means rollbacks are unlikely in the near term.

Outlook

Heading into the week of March 16–22, 2026, the structural and long products segment is likely to remain firm, with any further mill cost increases potentially feeding through into another ₹500–₹1,000/MT uptick in Channels, Beams, and Round Bars — watch Visakhapatnam and Chennai hub quotes as leading indicators. MS Billets bear close monitoring: if Raipur spot prices stabilise above ₹42,000/MT, it would signal that the week's decline was a transient correction; a sustained fall below ₹41,500/MT would instead pressure Secondary TMT rollback risk in April. Sponge Pellet buyers have a tactical window at current ₹26,000/MT levels, but should confirm DRI plant operating rates in Raigarh and Durgapur before committing to volume. For Primary TMT procurement, the flat price hold at ₹60,500/MT (unchanged WoW and holding its week range) suggests no immediate catalyst for movement — buyers requiring Q1 FY27 pipeline stock may consider locking in current rates given the +1.68% MoM creep. Overall, maintain a 'buy on dips' posture for structural steel while exercising caution on bulk upstream (billet/pellet) procurement until upstream price direction becomes clearer in the first half of next week.